Acta Ortopédica Brasileira ISSN: 1413-7852 [email protected] Sociedade Brasileira de Ortopedia e Traumatologia Brasil Gomes Novais Shimano, Suraya; Shimano, Antônio Carlos Comportamento de parafusos corticais submetidos a ensaio de torção manual e de torção em máquina Acta Ortopédica Brasileira, vol. 16, núm. 2, 2008, pp. 81-84 Sociedade Brasileira de Ortopedia e Traumatologia São Paulo, Brasil Disponível em: http://www.redalyc.org/articulo.oa?id=65713425003 Como citar este artigo Número completo Mais artigos Home da revista no Redalyc Sistema de Informação Científica Rede de Revistas Científicas da América Latina, Caribe , Espanha e Portugal Projeto acadêmico sem fins lucrativos desenvolvido no âmbito da iniciativa Acesso Aberto $57,*225,*,1$/ &203257$0(172'(3$5$)8626&257,&$,6 68%0(7,'26$(16$,2'(725d®20$18$/('( 725d®2(00É48,1$ %(+$9,252)&257,&$/6&5(:668%0,77('720$18$/7256,21$66$<$1' $8720$7('7256,21$66$< 685$<$*20(6129$,66+,0$12$171,2&$5/266+,0$12 5(6802 3DUDIXVRVFRUWLFDLVVmRVXEPHWLGRVDWHQV}HVGHWRUomRGXUDQWH VXDLQVHUomRHUHWLUDGD3RUWDQWRXPGRVREMHWLYRVGHVWHWUDEDOKR IRL DYDOLDU R FRPSRUWDPHQWR PHFkQLFR GRV SDUDIXVRV FRUWLFDLV GH DoR LQR[LGiYHO TXDQGR VXEPHWLGRV D GRLV WLSRV GH HQVDLRV GH WRUomR R PDQXDO H R UHDOL]DGR HP XPD PiTXLQD GH WRUomR 2RXWURREMHWLYRIRLDQDOLVDURORFDOGDIUDWXUDUHVXOWDQWHGRVGRLV HQVDLRVSRUPHLRGH0LFURVFRSLD(OHWU{QLFDGH9DUUHGXUD)RUDP XWLOL]DGRVGH]SDUDIXVRVFRUWLFDLVGHDoRLQR[LGiYHO&LQFRSDUD IXVRVIRUDPVXEPHWLGRVDRHQVDLRGHWRUomRPDQXDOHRVRXWURV FLQFRSDUDIXVRVIRUDPHQVDLDGRVHPPiTXLQDGHWRUomR)RUDP FDOFXODGDVVXDVSURSULHGDGHVHDDQiOLVHGRORFDOGDIUDWXUDIRL IHLWDSRU0LFURVFRSLD(OHWU{QLFDGH9DUUHGXUD2HQVDLRGHWRUomR PDQXDO PRVWURXVH LPSUHFLVR SDUD R FiOFXOR GDV SURSULHGDGHV PHFkQLFDVHSRULVVRFRQWUDLQGLFDGRSDUDDGHWHUPLQDomRGR FRPSRUWDPHQWRPHFkQLFRGHSDUDIXVRVFRUWLFDLVGHDoRLQR[LGiYHO $WRUomRQDPiTXLQDDSUHVHQWRXXPDPHWRGRORJLDPDLVUtJLGDH SRUWDQWRFRPUHVXOWDGRVPDLVFRQILiYHLV$VIUDWXUDVGRVSDUDIXVRV WDQWRGRHQVDLRGHWRUomRPDQXDOTXDQWRGRHQVDLRGHWRUomRQD PiTXLQDDSUHVHQWDUDPSDGU}HVVHPGLVWLQo}HV 'HVFULWRUHV7RUomR3DUDIXVRVyVVHRV7HVWHGHPDWHULDLV3ODFDV yVVHDV$oRLQR[LGi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omR 6KLPDQR 6*1 6KLPDQR $& &RPSRUWDPHQWR GH SDUDIXVRV FRUWLFDLV VXEPHWLGRVDHQVDLRGHWRUomRPDQXDOHGHWRUomRHPPiTXLQD$FWD2UWRS%UDV >SHULyGLFRQD,QWHUQHW@'LVSRQtYHOHP85/KWWSZZZVFLHOR EUDRE &LWDWLRQ6KLPDQR6*16KLPDQR$&6(07,78/2(0,1*/(6$FWD2UWRS%UDV >VHULDORQWKH,QWHUQHW@$YDLODEOHIURP85/KWWSZZZVFLHOR EUDRE ,1752'8d®2 $WXDOPHQWHDDQiOLVHGDTXDOLGDGHPHFkQLFDGHXPLPSODQWHHP IRUPD GH SDUDIXVRV FRUWLFDLV p IHLWD DWUDYpV GH WHVWH GH WRUomR PDQXDOXWLOL]DQGRXPWRUTXtPHWUR1HVWHVWHVWHVFRQVLGHUDPVH DSHQDVRVYDORUHVGHWRUTXHGHUXSWXUDHkQJXORGHUXSWXUDGHVWHV SDUDIXVRV1mRpFRQVLGHUDGRUHOHYDQWHWRGRRFRPSRUWDPHQWR PHFkQLFRGHVWHVLPSODQWHV 2 HQWHQGLPHQWR GR FRPSRUWDPHQWR PHFkQLFR SHUPLWH TXH VH DYDOLHDUHVLVWrQFLDGHVVHVSDUDIXVRVGXUDQWHWRGRRSHUtRGRHP TXHHVWHH[HUFHVXDIXQomRGHIL[DomRQDLQVHUomRQRSHUtRGRGH LPSODQWDomRHQDUHWLUDGD 2HQVDLRPHFkQLFRGHWRUomRQmRpXWLOL]DGRSDUDHVSHFLILFDo}HVGH PDWHULDLVeLQGLFDGRSDUDSHoDVTXHQDSUiWLFDVmRVXEPHWLGDV DRVHVIRUoRVGHWRUomRFRPRPRODVEDUUDVGHWRUomRSDUDIXVRV GHQWUHRXWURV ,VWRRFRUUHFRPXPSDUDIXVRyVVHRFRUWLFDOTXHTXDQGRpXWLOL]D GRQDIL[DomRGHSODFDVSDUDHVWDELOL]DomRGHIUDWXUDVHPRVVRV ORQJRV p VXEPHWLGR D XP PRPHQWR WRUFLRQDO RX WRUTXH (VWH WRUTXHpDSDUHQWHPHQWHUHVSRQViYHOSHODDQFRUDJHPGRSDUDIXVR DRRVVRPDVVHIRUDSOLFDGRHPH[FHVVRSRGHSURYRFDUDIUDWXUD GRSDUDIXVRFDVRHVWHQmRSRVVXDXPFRHILFLHQWHGHVHJXUDQoD SDUDVXSRUWDURFDUUHJDPHQWRPHFkQLFRVHPURPSHURXVHQmR HVWLYHUGHDFRUGRFRPDVQRUPDVGHIDEULFDomR &RPUHODomRDRVWLSRVGHIUDWXUDVUHVXOWDQWHVGHXPFDUUHJDPHQWR HPWRUomRHPXPFRUSRFLOtQGULFRVXMHLWRjWRUomRKiWHQV}HV Pi[LPDVGHFLVDOKDPHQWRVLWXDGDVHPGRLVSODQRVSHUSHQGLFX ODUHVHQWUHVLVHQGRXPGHOHVSHUSHQGLFXODUHRXWURSDUDOHORDR VHXHL[RORQJLWXGLQDO$VVLPDUXSWXUDGHXPPHWDOG~FWLORFRUUH SRU GHVOL]DPHQWR DR ORQJR GRV SODQRV RQGH VH VLWXDP WHQV}HV Pi[LPDVGHFLVDOKDPHQWRSRUWDQWRRDVSHFWRGDIUDWXUDpSODQR -iXPPHWDOIUiJLOURPSHDRORQJRGHXPSODQRSHUSHQGLFXODUj GLUHomRGDWHQVmRGHWUDomRLVWRpXPDWHQVmRTXHID]XPkQJXOR GHFRPRHL[RORQJLWXGLQDOGRFRUSRGHSURYDUHVXOWDQGRHP XPDUXSWXUDHPKpOLFH 7UDEDOKRUHDOL]DGRQR'HSDUWDPHQWRGH%LRPHFkQLFD0HGLFLQDH5HDELOLWDomRGR$SDUHOKR/RFRPRWRU/DERUDWyULRGH%LRHQJHQKDULDGD)DFXOGDGHGH0HGLFLQDGH5LEHLUmR3UHWRGD 8QLYHUVLGDGHGH6mR3DXOR (QGHUHoRSDUDFRUUHVSRQGrQFLD $Y%DQGHLUDQWHV/DERUDWyULRGH%LRHQJHQKDULD&DPSXV 8QLYHUVLWiULR0RQWH$OHJUH5LEHLUmR3UHWR63%UDVLO&(3(PDLO VXUD\DJQRYDLV#\DKRRFRPEUDVKLPDQR#IPUSXVSEU 'RXWRUDQGDHP&LrQFLDV0pGLFDVSHOR'HSDUWDPHQWRGH%LRPHFkQLFD0HGLFLQDH5HDELOLWDomRGR$SDUHOKR/RFRPRWRUGD)DFXOGDGHGH0HGLFLQDGH5LEHLUmR3UHWR8630HVWUHHP %LRHQJHQKDULDSHOD)DFXOGDGHGH0HGLFLQDGH5LEHLUmR3UHWR²863 3URIHVVRU'RXWRUGR'HSDUWDPHQWRGH%LRPHFkQLFD0HGLFLQDH5HDELOLWDomRGR$SDUHOKR/RFRPRWRUGD)DFXOGDGHGH0HGLFLQDH5LEHLUmR3UHWR²863 3RUWDQWRXPGRVREMHWLYRVGHVWHWUDEDOKRIRLUHDOL]DUHPSDUDIX VRVFRUWLFDLVGHDoRLQR[LGiYHOGRLVWLSRVGHHQVDLRVGHWRUomRR PDQXDOHRUHDOL]DGRHPXPDPiTXLQDGHWRUomR2RXWURREMHWLYR IRLDQDOLVDURORFDOGDIUDWXUDUHVXOWDQWHGRVGRLVHQVDLRVSRUPHLR GHPLFURVFRSLDHOHWU{QLFDGHYDUUHGXUD 0$7(5,$/(0e72'2 )RUDPXWLOL]DGRVGH]SDUDIXVRVFRUWLFDLVGHDoRLQR[LGiYHO&U1L 0R²$670)IRUQHFLGRVSHOD%DXPHU IDEULFDQWHQDFLRQDO GHSURGXWRVHGLVSRVLWLYRVRUWRSpGLFRV7RGRVRVSDUDIXVRVIRUDP GHXPPHVPRWLSRFRUWLFDOGHXPDPHVPDPHGLGDPPGH GLkPHWURHREWLGRVDOHDWRULDPHQWHGHWUrVORWHVGLVWLQWRV'HVWHV SDUDIXVRVFLQFRIRUDPVXEPHWLGRVDRHQVDLRGHWRUomRPDQXDOHRV RXWURVFLQFRSDUDIXVRVIRUDPHQVDLDGRVHPPiTXLQDGHWRUomR (QVDLRGH7RUomR0DQXDO 3DUD R HQVDLR GH WRUomR PDQXDO IRL XWLOL]DGR XP WRUTXtPHWUR GL JLWDO 0DFNHQD PRGHOR 0.;; FRP FDSDFLGDGH GH 1P HSUHFLVmRGH1PSDUDDTXDQWLILFDomRGRWRUTXHLPSRVWR DRSDUDIXVRDFDGDDQJXODomR(VWHPRGHORGHWRUTXtPHWURpR PHVPRXWLOL]DGRSHORVIDEULFDQWHVGHLPSODQWHVRUWRSpGLFRVSDUD WHVWDUDTXDOLGDGHPHFkQLFDGRVSDUDIXVRV 3DUDDUHDOL]DomRGHVWHHQVDLRRVSDUDIXVRVIRUDPWUDYDGRVHP XPDPRUVDPDQWHQGRVHXUHFHVVRKH[DJRQDOYROWDGRSDUDFLPDH GHL[DGRVILRVGHURVFDOLYUHVFRPRH[LJHD1%5,62 )RLFRQIHFFLRQDGDXPDSHoDGHHQFDL[HKH[DJRQDOQDVGLPHQV}HV GRUHFHVVRKH[DJRQDOGDFDEHoDGRSDUDIXVRVHJXLQGRRVSD GU}HVHVSHFLILFDGRVQD1%5,62TXHIRLDFRSODGD DRWRUTXtPHWUR &RPDSHoDGHHQFDL[HKH[DJRQDOGRWRUTXtPHWURDFRSODGDDR VH[WDYDGRGDFDEHoDGRSDUDIXVRPDQWHQGRXPkQJXORGH HQWUHREUDoRGRWRUTXtPHWURHRHL[RORQJLWXGLQDOGRSDUDIXVRXP H[DPLQDGRULQLFLRXXPPRYLPHQWRFLUFXODUHPVHQWLGRKRUiULRFRP YHORFLGDGHGHQWURGRVYDORUHVH[LJLGRVQDQRUPDDURWDo}HV PLQXWRDWpDUXSWXUDWRWDOGRSDUDIXVR)LJXUD $PHQVXUDomRGRWRUTXHIRLIHLWDVLPXOWDQHDPHQWHSRUGRLVH[DPL QDGRUHVRSULPHLURIH]DOHLWXUDGRVkQJXORVHRVHJXQGRDQRWRX R WRUTXH FRUUHVSRQGHQWH DR kQJXOR D FDGD GH GHIRUPDomR DQJXODUGRSDUDIXVR2kQJXORGHWRUomRIRLPHGLGRDWUDYpVGHXP JRQL{PHWURTXHWHYHVHXEUDoRPyYHODFRSODGRDRWRUTXtPHWURH VHXEUDoRIL[RWUDYDGRjPRUVD)LJXUD )LJXUD3RVLFLRQDPHQWRGRJRQL{PHWURSDUDOHLWXUDGRVkQJXORV2EUDoR PyYHOIRLDFRSODGRQRJRQL{PHWURHREUDoRIL[RWUDYDGRQDPRUVD (QVDLRGHWRUomRHP0iTXLQDGH7RUomR 3DUDDUHDOL]DomRGHVWHHQVDLRIRLXWLOL]DGDXPD0iTXLQDGH7RUomR *XQW+DPEXUJ:3²1PDFRSODGDDXPPLFURFRPSX WDGRUGR/DERUDWyULRGH(QVDLRV0HFkQLFRVGR&HQWUR(VWDGXD GH(GXFDomR7HFQROyJLFD3DXOD6RX]D(VFROD7pFQLFD(VWDGXD -RVp0DUWLPLDQRGD6LOYD )RUDP FRQIHFFLRQDGRV QD 2ILFLQD GH 3UHFLVmR GD 3UHIHLWXUD GR &DPSXVGD863GH5LEHLUmR3UHWRGRLVDFHVVyULRVSDUDDFRSODU QDVH[WUHPLGDGHVIL[DHJLUDWyULDGDPiTXLQDGHWRUomR2SULPHLUR DFHVVyULRIRLDFRSODGRjH[WUHPLGDGHJLUDWyULDGDPiTXLQDHSRV VXtDXPDSRQWDKH[DJRQDOIHLWDGHDFRUGRFRPD1%5,62 SDUDHQFDL[DUQDFDEHoDGRSDUDIXVR1DH[WUHPLGDGH RSRVWDIL[DIRLDFRSODGRRRXWURDFHVVyULRTXHSRVVXtDXPHQFDL[H SDUDWUDYDURSDUDIXVRFRPRXPDPRUVD)LJXUD )LJXUD'HWDOKHVGDIL[DomRGRSDUDIXVRQRDFHVVyULRDFRSODPHQWRGRV DFHVVyULRVjVH[WUHPLGDGHVIL[DHJLUDWyULDGDPiTXLQDGHWRUomRHHQFDL[H GRSDUDIXVRFRPDSRQWDKH[DJRQDOGRDFHVVyULR )LJXUD'HWDOKHVSDUDXWLOL]DomRGRWRUTXtPHWURQDUHDOL]DomRGRHQVDLR 2VGRLVVHQWLGRVGHURWDomRKRUiULRHDQWLKRUiULRHDVYHORFLGDGHV GHHQVDLRIRUDPSUpHVWDEHOHFLGRVQRVRIWZDUH:37RUVLRQD 7HVWHULQVWDODGRQRPLFURFRPSXWDGRU6RPHQWHTXDWURYHORFLGDGHV HVWDYDPGLVSRQtYHLVSDUDRHQVDLRPLQPLQPLQ HPLQ 'XUDQWHRHQVDLRRSDUDIXVRSHUPDQHFHXFRPDSHQDVFLQFRILRV GHURVFDOLYUHVHRUHVWDQWHIL[RVQDSHoDGHIL[DomRFRPRH[LJH D1%5,622VHQWLGRGDURWDomRIRLKRUiULRHDYHOR FLGDGHURWDFLRQDOXWLOL]DGDIRLGHPLQWDPEpPGHDFRUGRGD H[LJrQFLDGDQRUPD1%5,62 2VRIWZDUHIRUQHFHXRJUiILFRWRUTXH[GHIRUPDomRDQJXODU$WUDYpV PHFkQLFDVWRUTXHPi[LPRWRUTXHQROLPLWHGHSURSRUFLRQDOLGDGH ULJLGH]WRUFLRQDOHWHQDFLGDGHWRUFLRQDO 0LFURVFRSLDHOHWU{QLFDGHYDUUHGXUD 3DUDDQiOLVHPDLVGHWDOKDGDGDVIUDWXUDVGRVSDUDIXVRVDSyVRV HQVDLRVGHWRUomRIRLIHLWDDPLFURVFRSLDHOHWU{QLFDGHYDUUHGXUD (VWDDQiOLVHIRLUHDOL]DGDQR/DERUDWyULRGH0LFURVFRSLD(OHWU{QLFD GR 'HSDUWDPHQWR GH %LRORJLD &HOXODU H 0ROHFXODU H %LRDJHQWHV 3DWRJrQLFRVGD)DFXOGDGHGH0HGLFLQDGH5LEHLUmR3UHWR²863 2PLFURVFySLRXWLOL]DGRIRLGDPDUFD6FDQQLQJ0LFURVFRSHPRGHOR -60²FRPFDSDFLGDGHGHDXPHQWRPi[LPRGHDWp YH]HV2DXPHQWRXWLOL]DGRSDUDDQiOLVHGDLPDJHPGRVSDUDIXVRV IRLGHYH]HV $ PHWRGRORJLD GR SRVLFLRQDPHQWR GRV SDUDIXVRV H FDSWXUD GH LPDJHQVIRLDSDGUmRUHDOL]DGDHPDQiOLVHVGHPHWDLV$VIRWRJUD ILDVIRUDPIHLWDVFRPXPILOPHIRWRJUiILFRSUHWRHEUDQFRPP .RGDNPRGHOR7Pi[ $QiOLVH(VWDWtVWLFD 3DUD D DQiOLVH HVWDWtVWLFD IRL XWLOL]DGR R SURJUDPD 6LJPD6WDW Y,QLFLDOPHQWHIRUDPUHDOL]DGDVDQiOLVHVGHQRUPDOLGDGHHGH LJXDOGDGHGHYDULkQFLD3DUDDFRPSDUDomRHQWUHRJUXSRGHWRUomR PDQXDOHRJUXSRGHWRUomRHPPiTXLQDIRLXWLOL]DGRRWHVWHWGH 6WXGHQWFRPYDORUGHFRPRQtYHOGHVLJQLILFkQFLD 5(68/7$'26 )RUDPWUDoDGRVJUiILFRVWRUTXHYHUVXVGHIRUPDomRDQJXODURQGH RVYDORUHVGRWRUTXH1PIRUDPUHJLVWUDGRVQDRUGHQDGDHQD DEVFLVVDIRUDPUHJLVWUDGRVRVYDORUHVGRGHVORFDPHQWRDQJXODU JUDXV'HVWHVJUiILFRVIRUDPFDOFXODGDVDOJXPDVSURSULHGDGHV PHFkQLFDV7DEHOD $ DQiOLVH HVWDWtVWLFD GDV SURSULHGDGHV PHFkQLFDV UHYHORX TXH HQWUHRVSDUDIXVRVVXEPHWLGRVjWRUomRPDQXDOHRVVXEPHWLGRV jWRUomRHPPiTXLQDGHWRUomRKRXYHGLIHUHQoDSDUDPDLVQRV SDUDIXVRVVXEPHWLGRVjWRUomRPDQXDOQRWRUTXHQROLPLWHGHSUR SRUFLRQDOLGDGHHSDUDPDLVQRVSDUDIXVRVVXEPHWLGRVjWRUomR HPPiTXLQDQDWHQDFLGDGHWRUFLRQDO3RUpPQmRKRXYHGLIHUHQoD QRWRUTXHQROLPLWHPi[LPRHQDULJLGH]WRUFLRQDO &RPSDUDQGRDVLPDJHQVREWLGDVSHODPLFURVFRSLDHOHWU{QLFDGH YDUUHGXUDQmRKRXYHGLIHUHQoDHQWUHDIUDWXUDGRVSDUDIXVRVVXE PHWLGRVjWRUomRPDQXDOHDIUDWXUDGRVSDUDIXVRVVXEPHWLGRVj WRUomRQDPiTXLQDGHWRUomRPDVSRGHVHYHUDUXSWXUDHPKpOLFH GRVSDUDIXVRV²FDUDFWHUtVWLFDGHXPPDWHULDOG~FWLOFRPHVWULDo}HV HGHIRUPDomRGDURVFDDGMDFHQWHjiUHDGHIUDWXUD 7DEHOD0pGLDVGDVSURSULHGDGHVPHFkQLFDVREWLGDVGRVHQVDLRVGHWRUomR HPSDUDIXVRVFRUWLFDLVGHDoRLQR[LGiYHO 3URSULHGDGHV 0HFËQLFDV 7RUÐÏR 0DQXDO 7RUÐÏRHP 0ÊTXLQD S 7RUTXHQR/LPLWHGH 3URSRUFLRQDOLGDGH 1P ± 0,63 ± 0,29 7RUTXH0Ê[LPR 1P ± 0,80 ± 0,16 5LJLGH]7RUFLRQDO 1PJUDX ± 0,07 ± 0,13 7HQDFLGDGH7RUFLRQDO 1PJUDX ± 306 ± 215 ',6&866®2 2 PpWRGR GH WRUomR PDQXDO IRL HVFROKLGR SRU VHU XWLOL]DGR QDV HPSUHVDV SDUD WHVWDU RV SDUDIXVRV SRU HODV IDEULFDGRV SRUpP DSUHVHQWRXGLILFXOGDGHVLPSRUWDQWHVFRPR 3DUDDUHDOL]DomRGDOHLWXUDGDGHIRUPDomRDQJXODUHGRYDORU GH WRUTXH FRUUHVSRQGHQWH GHYLGR j YHORFLGDGH GR HQVDLR H j LQFDSDFLGDGHGRWRUTXtPHWURHPDUPD]HQDUGDGRVIRLQHFHVViULD DSUHVHQoDGHWUrVSHVVRDVDSULPHLUDID]HQGRDDSOLFDomRGR WRUTXHDVHJXQGDID]HQGRDOHLWXUDDQJXODUHDWHUFHLUDDQRWDQGR RWRUTXHUHIHUHQWHDRkQJXORFRUUHVSRQGHQWH $PDQXWHQomRGDSHUSHQGLFXODULGDGHHQWUHREUDoRGRWRUTXtPHWUR HRHL[RD[LDOGRSDUDIXVRVXEPHWHQGRRDRXWURVHVIRUoRVFRPRR GHIOH[mRQmRVHQGRSRUWDQWRXPHQVDLRSXURGHWRUomR*UDQGH SDUWHGRWRUTXHSRGHWHUVLGRSHUGLGDFRPDPXGDQoDGDDQJXODomR HQWUHREUDoRGRWRUTXtPHWURHRHL[RD[LDOGRSDUDIXVR $ YDULDomR GD YHORFLGDGH GH HQVDLR SRLV DSyV R OLPLWH GH SURSRUFLRQDOLGDGHDUHVLVWrQFLDRIHUHFLGDSHORPDWHULDOGLPLQXL DXPHQWDQGRFRQVHTHQWHPHQWHDYHORFLGDGHGRHQVDLRTXHp PDQXDOHSRUWDQWRLQFRQVWDQWH0HVPRHVWDQGRGHDFRUGRFRPD 1%5,62TXHGHWHUPLQDXPDYDULDomRGHYHORFLGDGH GHUSPDUSPHVWDYDULDomRGHYHORFLGDGHSRGHDOWHUDURVUH VXOWDGRVGDVSURSULHGDGHVPHFkQLFDV3RUWDQWRDGHWHUPLQDomR GHXPDYHORFLGDGHFRQVWDQWHGHHQVDLRGHYHULDVHUHVSHFLILFDGD HPQRUPDSDUDTXHRVUHVXOWDGRVREWLGRVGHVVHVHQVDLRVIRVVHP PDLVILGHGLJQRV 2GHVLJQGRWRUTXtPHWURTXHREULJRXRH[DPLQDGRUDPXGDU GHPmRDDSUR[LPDGDPHQWHGHGHIRUPDomRDQJXODUGHVD FHOHUDQGRRHQVDLR 1DLQWHUSUHWDomRGRVGDGRVREWLGRVQRVHQVDLRVHFiOFXORGDV SURSULHGDGHVPHFkQLFDVREVHUYRXVHTXHRQ~PHURGHSRQWRV XVDGRVQDFRQIHFomRGRVJUiILFRVIRLPXLWRSHTXHQRFDXVDQGR SURYiYHO LPSUHFLVmR QRV UHVXOWDGRV ([HPSOLILFDQGR QD PDLRULD GRVJUiILFRVKiVRPHQWHXPSDUGHFRRUGHQDGDV;<DWpRSRQWR FRQVLGHUDGRFRPROLPLWHGHSURSRUFLRQDOLGDGHRTXHSRGHRFXOWDU GR H[DPLQDGRU GDGRV LPSRUWDQWHV $SHVDU GLVWR HVWH WUDoDGR JUiILFRIRLXWLOL]DGRSRUDXWRUHVFRPR%URZQHUHWDO (VWDLPSUHFLVmRQDREWHQomRGRVGDGRVSRGHWHUPDVFDUDGRR UHDOYDORUGRWRUTXHQROLPLWHGHSURSRUFLRQDOLGDGHTXHDSUHVHQ WRX YDORUHV HVWDWLVWLFDPHQWH GLIHUHQWHV FRP UHODomR DRV JUXSRV VXEPHWLGRV j WRUomR HP PiTXLQD 3RUpP HVWD PHWRGRORJLD GH REWHQomRGRVYDORUHVGHWRUTXHHGHGHIRUPDomRDQJXODUpDUH FRPHQGDGDSHOD1%5,62HpXWLOL]DGDSRUGLYHUVRV DXWRUHVFRPR%URZQHUHWDO0OOHUHWDOH$EHOH6XQSDUD DQiOLVHGDVSURSULHGDGHVPHFkQLFDVGHLPSODQWHV $XWRUHV FRPR &ROOLQJH HW DO OLPLWDPVH D DYDOLDU VRPHQWH R WRUTXHGHUXSWXUDHRORFDOGDUXSWXUD2XWURVFRPR$EHOH6XQ DSHVDUGHXVDUHPXPDPiTXLQDGHWRUomRWLYHUDPGHID]HUXPD DQRWDomRPDQXDOGDVPHGLGDVRTXHWDPEpPGLILFXOWDRPpWRGR HSRGHPDVFDUDURVUHVXOWDGRV 8PD G~YLGD IUHTHQWH GXUDQWH D DSOLFDomR GHVWD PHWRGRORJLD UHFRPHQGDGDPDVQmRMXVWLILFDGDSHOD1%5,62IR RSRUTXrGHPDQWHUFLQFRILRVGHURVFDH[SRVWRVSDUDDLPSRVLomR GRWRUTXHVHQDSUiWLFDRSDUDIXVRSHUPDQHFHWRWDOPHQWHLQVHUL GR&RPHVWDPHWRGRORJLDDIUDWXUDRFRUUHDSUR[LPDGDPHQWHQD WHUFHLUDURVFD(VWDSRGHULDRFRUUHUQDiUHDGHHQFDL[HFRPDSODFD RXORJRDEDL[RGDFDEHoDGRSDUDIXVRVHHVWHHVWLYHVVHWRWDOPHQWH IL[RQDPRUVDFRPH[SRVLomRDSHQDVGDFDEHoD 7UDEDOKRVFRPRRVGH$EHOH6XQREVHUYDUDPOHYHGHIRUPDomR GDFDEHoDGRVSDUDIXVRVGHORFDOL]DomRPDLVFHQWUDOGDSODFD DSyVHQVDLRGHWRUomRGRFRQMXQWRSODFDSDUDIXVR$DSOLFDomR GH XPD PHWRGRORJLD TXH GLIHUH GD DWXDO QRUPD SRGHUi REWHU UHVXOWDGRVPDLVSUy[LPRVDHVWHDRVXEPHWHUjWRUomRDSHQDVR SDUDIXVRFRUWLFDO 3RURXWURODGRDPiTXLQDGHWRUomRIRLGHIiFLOPDQXVHLRHLQWHU SUHWDomR GRV GDGRV 3RUpP D UHVWULomR TXDQWR DR FRQWUROH GD YHORFLGDGHGHHQVDLRDDSHQDVTXDWURYDORUHVSRGHULDGLILFXOWDUR XVRGDPiTXLQDSDUDRXVRHPHQVDLRVGHGLIHUHQWHVLPSODQWHV YLVWR TXH HVWHV GHYHP REHGHFHU D YDORUHV GH YHORFLGDGHV SUp &RPRGLVFXWLGRSRU$EHOH6XQQmRKiPHWRGRORJLDQRUPDWL]D GDVDWLVIDWyULDSDUDWHVWHVGHWRUomRHPSODFDVyVVHD2PHVPR SUREOHPDDSUHVHQWDVHFRPRVSDUDIXVRVyVVHRV +RXYHXPDOLPLWDomRFRPUHODomRjGHWHUPLQDomRGRPyGXORGH HODVWLFLGDGHRXGRPRPHQWRWRUFLRQDOHPSDUDIXVRVSRLVQmRIRL SRVVtYHOGHWHUPLQDUDVHFomRFLUFXODUGHVVHV$GHWHUPLQDomRGR YDORUGHWHQV}HVGHSHQGHQWHGLUHWDPHQWHGDVHFomRFLUFXODU3RU LVVRGHWHUPLQDPRVVRPHQWHDVSURSULHGDGHVPHFkQLFDVWRUTXH QROLPLWHGHSURSRUFLRQDOLGDGHRWRUTXHPi[LPRULJLGH]WRUFLRQDO HWHQDFLGDGHWRUFLRQDOGRVSDUDIXVRV &RPUHODomRjVSURSULHGDGHVPHFkQLFDVREWLGDVDWUDYpVGRVFiO FXORVEDVHDGRVQRVWUDoDGRVGRVJUiILFRVWRUTXH[GHIRUPDomR DQJXODUREVHUYRXVHTXH 1RWRUTXHQR OLPLWHGHSURSRUFLRQDOLGDGHDGLIHUHQoDHVWDWtVWLFD REVHUYDGDHQWUHRVSDUDIXVRVVXEPHWLGRVjWRUomRPDQXDOHRV VXEPHWLGRVjWRUomRHPPiTXLQDHYLGHQFLDQmRXPDVXSHULRULGDGH QDTXDOLGDGHGRVSDUDIXVRVPDVXPSUREOHPDPHWRGROyJLFRMi DERUGDGRQHVWDGLVFXVVmRVREUHRQ~PHURGHSRQWRVXVDGRVQD FRQIHFomR GRV JUiILFRV VHU PXLWR SHTXHQR FDXVDQGR SURYiYHO LPSUHFLVmRQRVUHVXOWDGRV(PXPJUiILFRFRPXPQ~PHURPDLRU GH SRQWRV SRGHVH REVHUYDU FRP H[DWLGmR R ~OWLPR SRQWR RQGH RVYDORUHVGHWRUTXHHGHIRUPDomRDQJXODUDXPHQWDPSURSRUFLR QDOPHQWH 1RWRUTXHPi[LPRDVHPHOKDQoDHVWDWtVWLFDGHPRQVWUDQmRKDYHU GLILFXOGDGHVQRFiOFXORGHVWDSURSULHGDGHPHFkQLFDTXHURWLQHL UDPHQWH p R ~QLFR YDORU DYDOLDGR SRU IDEULFDQWHV GH SDUDIXVRV FRUWLFDLVSDUDDYDOLDUDTXDOLGDGHPHFkQLFDGHVWHLPSODQWH 1DULJLGH]WRUFLRQDOIRLREVHUYDGDOHYHVXSHULRULGDGHGRVYDORUHV GRVSDUDIXVRVTXHIRUDPVXEPHWLGRVjWRUomRPDQXDOTXHQmRIRL FRQILUPDGDSHORWHVWHHVWDWtVWLFRSURYDYHOPHQWHGHYLGRDRVDOWRV GHVYLRVSDGUmR6XVSHLWDVHTXHXPDDPRVWUDPDLRUHYLGHQFLDULD DOJXPDGLIHUHQoDHVWDWtVWLFDHQWUHRVSDUDIXVRVTXHVRIUHUDPWRU omRPDQXDOHRVTXHIRUDPVXEPHWLGRVjWRUomRHPPiTXLQDH FRPLVVRRSUREOHPDPHWRGROyJLFRGRHQVDLRGHWRUomRPDQXDO UHDSDUHFHULDHPRVWUDULDTXHRFiOFXORGDVSURSULHGDGHVPHFk QLFDV UHODFLRQDGDV j ]RQD HOiVWLFD GR PDWHULDO FRPR D ULJLGH] SRVVLYHOPHQWHQmRDSUHVHQWDPSUHFLVmRGHUHVXOWDGRVFRPRRV VXEPHWLGRVjWRUomRQDPiTXLQDGHWRUomR 1DWHQDFLGDGHWRUFLRQDODGLIHUHQoDVLJQLILFDWLYDSDUDPHQRVGRV SDUDIXVRV TXH IRUDP HQVDLDGRV PDQXDOPHQWH FRP UHODomR DRV HQVDLDGRVHPPiTXLQDGHWRUomRSRGHWHURFRUULGRGHYLGRjPH WRGRORJLDGHHQVDLRGHWRUomRPDQXDORQGHKiFRQWUROHVXEMHWLYR GDYHORFLGDGHLPSRVWDSHORH[DPLQDGRU(VWDYHORFLGDGHYDULDGD SRGHWHUVREUHFDUUHJDGRPDLVRVSDUDIXVRVGHVVHJUXSRHSRULVVR DWHQDFLGDGHWRUFLRQDODSUHVHQWRXVHPHQRU $WUDYpVGDVLPDJHQVSRU0(9REVHUYRXVHTXHQmRKiGLIHUHQoDV TXDOLWDWLYDVHQWUHRVUHVXOWDGRVGDVGXDVPHWRGRORJLDVXWLOL]DGDV 3DUDWDQWRVmRQHFHVViULRVRXWURVPpWRGRVGHTXDQWLILFDomR 3DUDDUHDOL]DomRGHXPHQVDLRPHFkQLFRQmRKiGLIHUHQoDVVLJQL ILFDWLYDVHQWUHDVPHWRGRORJLDVSURSRVWDVSHODVYiULDVDVVRFLDo}HV PXQGLDLV GH QRUPDV WpFQLFDV 3RUpP QRUPDV TXH FRQWrP XPD PHWRGRORJLDPXLWRJHQHUDOL]DGDSRVVLELOLWDPDUHDOL]DomRGHXPDYD ULHGDGHGHPHWRGRORJLDVTXHVHHQFDL[DPQDVHVSHFLILFDo}HVFRQWLGDV QDQRUPD(VWDYDULHGDGHUHVXOWDHPGDGRVGLIHUHQWHVTXHQmRSRGHP VHUFRPSDUDGRVDRVGDGRVREWLGRVHPRXWURVHQVDLRVHTXHSRGHP FXOPLQDUHPXPDFODVVLILFDomRHTXLYRFDGDGHXPLPSODQWHDWULEXLQGR DHVWHFDUDFWHUtVWLFDTXHQmRVmRSHFXOLDUHVGRPHVPR 6HJXQGR /DLQJ D RUJDQL]DomR GH QRUPDV LQWHUQDFLRQDLV H RV SURFHGLPHQWRV SDUD VXD HVFULWD VmR UHDOL]DGRV FRP R WUDEDOKR FRRSHUDWLYRHQWUHFLUXUJL}HVIDEULFDQWHVHSHVTXLVDGRUHV (VWDV QRUPDV SUpGHWHUPLQDP YDORUHV H PHWRGRORJLDV D VHUHP VHJXLGDVHFXPSULGDVSRUIDEULFDQWHVSDUDJDUDQWLUDTXDOLGDGH ItVLFRTXtPLFDGRLPSODQWHSRUSHVTXLVDGRUHVSDUDTXHRVUH VXOWDGRVH[SHULPHQWDLVSRVVDPVHUFRPSDUDGRVHGLVFXWLGRVH SRU FLUXUJL}HV SDUD JDUDQWLU XP PDLRU SHUFHQWXDO GH UHVXOWDGRV SRVLWLYRVQRVSyVRSHUDWyULRV&RPLVWRRPDLRUEHQHILFLDGRVHUi SRUGLUHLWRRS~EOLFRRFLGDGmRHQIHUPR &RPRDV1RUPDV%UDVLOHLUDVVRPHQWHSUpGHWHUPLQDPRWRUTXHGH UXSWXUDHRkQJXORGHUXSWXUDDVDQiOLVHVGHVWDSHVTXLVDRIHUHFHP YDORUHV GH RXWUDV SURSULHGDGHV PHFkQLFDV REWLGDV DWUDYpV GH XPDPHWRGRORJLDFRPSRXFDVYDULiYHLVSRLVSUpGHWHUPLQRXVH RSRVLFLRQDPHQWRHPXPPHVPRHL[RGDFKDYHHGRSDUDIXVRHD YHORFLGDGHFRQVWDQWH$VVLPKRXYHDSRVVLELOLGDGHGHXPDDQiOLVH PDLVILGHGLJQDGRFRPSRUWDPHQWRPHFkQLFR $VVLPFRPRMiDERUGDGRSRU/DLQJSDUDDWLQJLUXPDILQDOLGDGH GHVHMDGDFRPRDDQiOLVHGRFRPSRUWDPHQWRPHFkQLFRGHYHVH SULPHLUDPHQWH GHWHUPLQDU RV SRQWRV FUtWLFRV H SRVWHULRUPHQWH PRQWDUXPQRYRPpWRGR'HVWDPDQHLUDSHUPLWHVHTXHHVWXGRV SRVWHULRUHVSRVVDPVHJXLUXPDHVSHFLILFDomRPDLVUtJLGDHGHWD OKDGDSURSRUFLRQDQGRUHVXOWDGRVPDLVFRQILiYHLVHFRPSDUDo}HV HQWUHGLIHUHQWHVHVWXGRV &21&/86®2 2HQVDLRGHWRUomRPDQXDOPRVWURXVHLPSUHFLVRSDUDRFiOFXOR GDVSURSULHGDGHVPHFkQLFDVGHPDWHULDLVGHLPSODQWHVQDIRUPDGH SDUDIXVRVFRUWLFDLVHSRULVVRFRQWUDLQGLFDGRSDUDDGHWHUPLQDomR GRFRPSRUWDPHQWRPHFkQLFR$WRUomRQDPiTXLQDDSUHVHQWRXXPD PHWRGRORJLDPDLVUtJLGDHSRUWDQWRUHVXOWDGRVPDLVFRQILiYHLV( DVIUDWXUDVGRVSDUDIXVRVWDQWRGRHQVDLRGHWRUomRPDQXDOTXDQWR GHWRUomRHPPiTXLQDDSUHVHQWDUDPSDGU}HVVHPGLVWLQo}HV $*5$'(&,0(1726 &$3(6&RRUGHQDomRGH$SHUIHLoRDPHQWRGH3HVVRDOGH1tYH 6XSHULRUSHODFRQFHVVmRGHEROVDGH0HVWUDGR(D%DXPHU6$ SHODGRDomRGRVSDUDIXVRV 5()(5È1&,$6 6RX]D6$(QVDLRVPHF«QLFRVGHPDWHULDLVPHWªOLFRVDHG 6¬R3DXOR(G JDUG%OÄFKHU/WGD +XJKHV $1 -RUGDQ %$ 7KH PHFKDQLFDO SURSHUWLHV RI VXUJLFDO VFUHZV DQG VRPHDVSHFWVRILQVHUWLRQSUDFWLFH. ,QMXU\ 2QL 2$ %DWFKHORU -6 ,QYHVWLJDWLRQ RI WKH WRUTXHWHQVLRQ FKDUDFWHULVWLFV RI D IODQJHGH[WHUQDOIL[DWRUSLQ%LRPDWHULDOV $VVRFLD°¬R%UDVLOHLUDGH1RUPDV7²FQLFDV1%5,62,QVWUXPHQWRV2U WRS²GLFRVoFRQH[½HVGHIHUUDPHQWD3DUWHFKDYHVSDUDXVRFRPSDUDIXVRV FRPHQFDL[HKH[DJRQDOQDFDEH°D $VVRFLD°¬R%UDVLOHLUDGH1RUPDV7²FQLFDV1%5,62,PSODQWHVSDUD FLUXUJLD o SDUDIXVRV »VVHRV PHWªOLFRV FRP URVFD DVVLP²WULFD H VXSHUI¶FLH LQIHULRU GD FDEH°D GH IRUPD HVI²ULFD o UHTXLVLWRV PHF«QLFRV H P²WRGRV GH 0D]]RFD $' &DSXWR $( %URZQHU %' 0DVW -: 0HQGHV 0: 3ULQFLSOHV R LQWHUQDO IL[DWLRQ ,Q %URZQHU %' -XSLWHU -% /HYLQH $0 7UDIWRQ 3* 6NHOHWD WUDXPD EDVLF VFLHQFH PDQDJHPHQW DQG UHFRQVWUXFWLRQ WK 3KLODGHOSKLD 6DXQGHUVS 3HUUHQ600DWK\V53RKOHU2,PSODQWHVHPDWHULDLVQDIL[D°¬RGHIUDWXUDV,Q 5ÄHGL730XUSK\:03ULQF¶SLRV$2GRWUDWDPHQWRGDVIUDWXUDV7UDGX°¬RGH -DFTXHV9LVVRN\3RUWR$OHJUH$UWPHG $EHO(:6XQ-0HFKDQLFDOHYDOXDWLRQRIDQHZPLQLPXPFRQWDFWSDODWHIRU LQWHUQDOIUDFWXUHIL[DWLRQ-2UWKRS7UDXPD &ROOLQJH&$6WHUQ6&RUGHV6/DXWHQVFKODJHU(30HFKDQLFDOSURSHUWLHVR VPDOOIUDJPHQWVFUHZV&OLQ2UWKRS5HODW5HV /DLQJ3:RUOGVWDQGDUGVIRUVXUJLFDOLPSODQWVDQDPHULFDQSHUVSHFWLYH%LR